Public Sector Pension Investment Board Reduces Stock Position in SPX Technologies, Inc. (NYSE:SPXC)

Public Sector Pension Investment Board decreased its holdings in SPX Technologies, Inc. (NYSE:SPXC) by 3.3% during the first quarter, HoldingsChannel.com reports. The firm owned 79,474 shares of the company’s stock after selling 2,734 shares during the quarter. Public Sector Pension Investment Board’s holdings in SPX Technologies were worth $5,609,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of SPX Technologies by 1.5% in the 1st quarter. BlackRock Inc. now owns 6,946,104 shares of the company’s stock worth $343,207,000 after buying an additional 104,221 shares during the period. Vanguard Group Inc. lifted its stake in SPX Technologies by 0.4% in the third quarter. Vanguard Group Inc. now owns 4,778,461 shares of the company’s stock worth $263,866,000 after acquiring an additional 19,693 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in SPX Technologies by 3.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,265,310 shares of the company’s stock worth $280,018,000 after acquiring an additional 160,366 shares in the last quarter. State Street Corp increased its position in SPX Technologies by 1.4% during the 2nd quarter. State Street Corp now owns 1,634,734 shares of the company’s stock valued at $86,379,000 after purchasing an additional 22,716 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of SPX Technologies by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,199,198 shares of the company’s stock valued at $84,639,000 after purchasing an additional 7,539 shares in the last quarter. 89.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPXC. StockNews.com initiated coverage on shares of SPX Technologies in a report on Thursday, August 17th. They set a “hold” rating on the stock. Oppenheimer lifted their price target on SPX Technologies from $94.00 to $97.00 and gave the company an “outperform” rating in a report on Thursday, August 3rd. UBS Group cut SPX Technologies from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $80.00 to $90.00 in a research note on Wednesday, July 5th. Finally, TheStreet raised SPX Technologies from a “c+” rating to a “b-” rating in a research report on Thursday, May 25th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.50.

SPX Technologies Stock Up 1.2 %

SPX Technologies stock opened at $79.98 on Monday. SPX Technologies, Inc. has a 1-year low of $53.19 and a 1-year high of $91.93. The business has a fifty day moving average price of $81.22 and a 200-day moving average price of $75.57. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.51 and a quick ratio of 0.90. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 68.95, a PEG ratio of 1.04 and a beta of 1.25.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.22. SPX Technologies had a return on equity of 16.52% and a net margin of 3.36%. The business had revenue of $423.30 million during the quarter, compared to the consensus estimate of $395.72 million. During the same quarter last year, the company earned $0.71 earnings per share. The company’s quarterly revenue was up 19.6% on a year-over-year basis. Equities research analysts forecast that SPX Technologies, Inc. will post 4.26 EPS for the current fiscal year.

Insider Buying and Selling at SPX Technologies

In other news, VP Natausha Heleena White sold 16,230 shares of SPX Technologies stock in a transaction on Friday, August 18th. The shares were sold at an average price of $78.69, for a total transaction of $1,277,138.70. Following the completion of the sale, the vice president now directly owns 35,418 shares in the company, valued at $2,787,042.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 18,160 shares of company stock worth $1,431,601. 4.02% of the stock is owned by corporate insiders.

SPX Technologies Profile

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, China, the United Kingdom, and internationally. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers and comfort heating and ventilation products for the residential and commercial markets.